On Friday, reverse mortgage software and technology provider ReverseVision released an update to its RV Exchange LOS that includes all Financial Assessment critical screens and calculations.
The release, which was targeted to meet the original Financial Assessment effective date of March 2, covers a series of new screens and features to collected FA-related data elements such as borrower’s credit, income, credit accounts, asset dissipation and expenses, said ReverseVision President and CEO John Button.
While the company had already been prepared to deliver the updated software by the original March implementation date, the delay to April 27 provided additional time for ReverseVision to add more features to improve lenders’ workflow.
A singe, new results screen brings all the data together for an underwriter to complete the assessment and calculate the Life Expectancy Set Aside. Additionally, updates have also been make to the administration and reporting components.
“All the critical FA features are part of the March 2 release, but we will be delivering more than just these critical features,” Button said in a written statement.
Additional features will focus on data quality and efficiency, as well as LO-specific tools that ReverseVision plans to release by the first week of April.
“These updates will include capabilities like the ability to import credit report data, assign a credit report to a lender and a Celink export update,” Button said.
In addition to the RV Exchange updates, ReverseVision also plans to offer live training focused on the new Financial Assessment features. The company said it will provide schedules for these releases and training sessions to RV Exchange users by the end of the first week in March.
Written by Jason Oliva